Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-09-05
GARRETT'S FRIENDS
Defend tbs Youthful Financier-Result
his Fathers Plans

Defend the Youthful Financier-Result of
his Fathers Plans
BALTIMORE, Sept. 3.-Now that the ma
ture OF the Baltimore and Ohio contract
with the syndicate has been fully ex-
planned there seems to be a disposition
here to consider the latter mare favorably,
and while Robert Garrett is still criticized
with considerable aeerbity in many quar-
ter, the general impression is that he did,
or was forced to do, the best he could. A
long period of anxiety is ended, and what
ever may result to the telegraph and the
s~leeping-car franchises the financial cen
ditiou of the road is placed on a firm
basis.
A prominent stock broker confidential ly
connected with Garrett said to-day: Rob,
ert Garrett has been largely the victim OF
his fathers ambitions. John W. Garrett
wanted o national reputation in every
thing. He wanted not only to have a line
through to New York, so that his name
would be placed alongside of those of Van
derbilt and Gould, but he wanted to be al
the head of the telegraph, the express, the
sleeping-car and other business as we'll
All of those enterprises he projected be-
fore his death. They did not prove
so very costly while he lived, be-
cause they were undeveloped. 1t
was when he died and when Robert sue
ceeded him that the great expense began.
Robert tried to carry out all the ideas OF
his father, and if you will look mp the his
tory of his administration you will find
that he has done nothing that was not
cont mplated and begun during his fathers
lifetime. What was the result? The tele-
graph, the express and the sleeping car
scheme encountered the opposition OF
three Of the greatest and richest
~mouOpOlies in this country, and the
result was a matter of course, costly,
and was a drain on the treasury Of the
road. Then there was the Philadelphia
road, which cost twice as much as vas eX-
pected, and which has not paid expenses
since it was opened. Added to all this
was q curious and oppressive arrangement,
called the sinking fund, which took every
wear from the earnings of the road some
thing like $500, 900 for the payment of
mortgages when they mstured. This
was a strong combination of circumstances
to struggle under, but the new contract re-
forms it altogether.
THE WORK ON STATEN ISLAND.
THE contract gives the road a sound
financial basis. Ii enables it TO get rid of
outside arrangements, and it gives it a line
to Staten Island. This talk about Staten
Island being abandoned is all nonsense.
The contracts for the Kill Won kull
bridge are all out and two large
iron steam ferry-boats are being con-
structed here in Baltimore for the Staten
Island business. All that it will be neces-
sary for the B. < o. to do is to build a
connecting track from the Reading and
Jersey Central tracks at Elizabeth to the
Kill Won Kull bridge. The syndicate
contract merely prohibits the building or
threat OF building a new line OF road from
Philadelphia to New York.
President pro TEN. Burns added hat the
contract secured q new way to the South,
but he did not say what it a He spoke
of John King, Jr., OF the Erie, as the most
desirable successor to President Garrett.
He had not heard much about the chan
ees Of Mr.. Cassatt The contract was
negotiated by First Eice-President Samuel
Spencer, assisted by Mr.. Burns, which
makes it look as if the Board Of Direc-
tors threw Garrett overheard and man
aged affairs themselves.